Loading...
•
Dec 31, 2022
CACI Q2 2023 Earnings Report
CACI reported strong growth in revenue and contract awards, but a decrease in net income and EPS for Q2 2023.
Key Takeaways
CACI International Inc. announced its fiscal year 2023 second-quarter results, reporting an 11% increase in revenues to $1.6 billion. However, net income decreased by 3.5% to $87.1 million, and diluted EPS decreased by 3.9% to $3.68. The company secured $3.5 billion in contract awards during the quarter.
Revenues increased by 11% year-over-year, driven by organic growth and acquisitions.
Contract awards totaled $3.5 billion, with 70% for new business.
Total backlog increased by 10% to $26.5 billion.
Diluted earnings per share decreased due to higher interest expense and a higher tax rate.
Revenue by Segment
Forward Guidance
CACI provided fiscal year 2023 revenue guidance of $6.475 - $6.675 billion, adjusted net income of $420 - $440 million, adjusted diluted earnings per share of $17.65 - $18.49, and free cash flow of at least $320 million.
Challenges Ahead
- Free cash flow guidance incorporates a $95M reduction due to Section 174 of the Tax Cuts and Jobs Act of 2017 not being changed or repealed.
- Current fiscal year 2023 free cash flow guidance now assumes $95 million in tax payments related to Section 174 of the Tax Cuts and Jobs Act of 2017.
- Adjusted net income and adjusted diluted earnings per share are excluding intangible amortization expense and the related tax impact.
- Free cash flow is defined as net cash provided by operating activities excluding MARPA, less payments for capital expenditures.
- The guidance is based on views as of January 25, 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...